Renovations You Can’t Afford to Avoid
Cutting costs has gone from a trend to a way of life. Homeowners are among the many dreading household renovation cost, but unfortunately some of them are a must.. In order to maintain the value of your home, money must be put into maintaining your home. Do it yourself home projects can increase the resale value of your home, while saving you money and expensive labor costs.
Here are a few examples of Do it yourself home projects that can be completed fairly easily and will increase the resale value on your home whether you have a home in New York City, or anywhere else in the Country!
Inside and Out – Invest for Return!
Maintaining your home’s interior and exterior paint is not just aesthetically important. It is important to keep exterior painting up to date since a quality exterior paint job protects and maintains the integrity of your home’s wood, preventing wood decay and rot. Although it isn’t the most exciting renovation it is essential. (Here’s a helpful guideline: homeowners living in the southwestern United States only need to repaint their home once every 8 years where as homeowners living in the northeastern United States must repaint every 10 years).
Floor and driveway renovation and maintenance are key components to increase the resale value of a home. Hardwood floors significantly increase the value of a home. Not only are hardwood floors a manageable do it yourself project, the installation of hardwoods have the ability to increase the resale value of your home, up to 10% of your home’s value. The materials required can be found in any home improvement store. The cost of materials are high, yet the gains that yield from the installation of hardwood floors can range anywhere from $2,000-$10,000 in a resale return.
Home renovation projects require the financial investment yet the overall financial benefits are great. The most important idea behind home renovations is that all projects can be done by yourself. Since all the home repairs can all be completed by the homeowner, a great deal of money is saved on the labor costs.
There are many do it yourself home renovation projects that offer a return of up to 100-80% investment return. Major and minor kitchen remodel, fireplace, or deck can offers a resale payback between 90-70%. Do it yourself home renovation projects that offer from 90-100% payback include a single bedroom addition and a 2nd full bathroom addition.
Facts to Fix by
The type and value of do it yourself home improvements projects should be appropriate for the home they are being performed on. A $20,000 bathroom renovation for an average priced home will not earn a huge return. It is important to maintain the integrity of your home when deciding what types of do it yourself projects you should undertake. Be consistent in terms of your choices with respect to interior and exterior of your home. Style changes rapidly so very trendy renovation choices should be reserved for changeable decorations like couches and rugs. You will not see returns on highly stylized moldings, fixtures, and windows. Lastly be aware of the location of the property. According to Elliman Realty in NY, your home could be worth a different value in one market than others, so pay attention to your respective markets and the effect of the project on your investment.